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Lower VAT on land bought for primary residence

Purchasers of undeveloped land to build an owner-occupied primary dwelling may soon be able to obtain a partial VAT refund if a bill currently being prepared by government is approved.

Contract for the Limassol Icon signed

Contract for the construction of the Limassol ‘Icon’ has been signed between the Imperio Group of Companies and Iacovou Brothers and is expected to be delivered by December 2020.

Mushrooming Limassol towers ‘unsustainable’

Locals and experts believe that another tall building in an area of Limassol that has seen its fair share of ‘towers’, will only add to the many unsustainable urban constructions blighting the town.

Paralimni marina construction underway

Construction work has begun on the Paralimni marina, which is expected to be fully operational by mid-2021 and which will and will have a capacity of approximately 300 vessels.

Cyprus ‘Golden Visa’ scheme poses high risk

Three European countries (Cyprus, Malta and Monaco) are amongst the twenty-one countries whose residence and citizenship by investment schemes potentially pose a high-risk says OECD.

Fifty million lost due to planning delays

Delays in issuing planning permits cost the state €50 million annually, which could be used to build ten schools, three hospitals or a museum according the Cyprus Technical Chamber ETEK.

Locals fear for Coral Bay

Locals fear for the future of Coral Bay if developer’s plans to build next to the blue-flagged area go ahead following a Government decision to allow a 2005 appeal by Leptos developers.

Limited progress on resolving NPLs

The International Monetary Fund (IMF) noted that Cyprus had made little progress on resolving non-performing loans in its mission’s concluding statement following its recent official visit.

ETEK call to rehome Pissouri families

The Scientific and Technical Chamber of Cyprus (ETEK) has called on the Government to rehome the families in Pissouri whose homes suffered considerable damage by the on-going landslide.

Flood of foreclosure letters

Phileleftheros reports that during the second quarter of 2018 banks sent almost double the number of letters warning borrowers that they intend to foreclose compared to the first quarter.

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